The Openplan Mortgage, which brings together borrowings, savings and current account, is available with a two year stepped discount of 2.10% in year one and 1.70% in year two. This gives a payment rate of 3.44% in year 1 and 3.84% in year two (APR 5.3%). The mortgage comes with a free valuation and a choice of either free remortgage legal fees or a £300 cashback. It is available to a maximum LTV of 90% and there are no application fees or overhanging redemption penalties beyond the 2 year discount period. A full product specification is given below.
Justine Tomlinson, Marketing Director at Mortgage Next said: “The Woolwich Openplan Mortgage has proven to be incredibly popular and this two year stepped discount enables borrowers to take full advantage of current low interest rates. We have also agreed a fast track processing system, which means brokers will benefit from an enhanced service and a dedicated processing centre from the Woolwich.”
The product specifications are:
Woolwich Fast Track Openplan Stepped Discount
Rate: 2.10 % discount in year 1 (charge rate 3.44%) and 1.70% discount in year 2 (3.84% charge rate)
APR: 5.3%
Benefits: Free valuation and either free remortgage legal fees or £300 cashback
Purpose: Remortgage only
Lending limits: 90% up to £500,000: 80% over £500,000.
Application fee: None
Early redemption
charge: 6 months interest at the Standard variable Rate + £500 for 2 years
Brokers requiring further information about the Woolwich Fast Track Openplan Stepped Discount Mortgage, or any other products and services available for Mortgage Next can phone 01883 333100 or visit the companies website at www.mortgagenext.co.uk
